Foreigners need to invest 100 million rupees ($1.49 million) over 18 months, or 250 million rupees over three years, resulting in jobs for at least 20 resident Indians every fiscal year to be allowed to settle, the government said in a statement.

Those who meet the criteria would be eligible to stay for 10 years. The residency permit can be extended by a decade.

Up to now, such investors have been eligible for business visas lasting up to five years.

Modi has urged global businesses to come and manufacture in India since he took office two years ago. His government has pointed to a 23 percent rise in foreign direct investment to $55.5 billion in the fiscal year to March as proof the policies are gaining traction.

The status will serve as a multiple entry visa without any stay stipulation and holders will be exempted from the registration requirements.

This status holders will be allowed to purchase one residential property for dwelling purpose. The spouse/ dependents will be allowed to take up employment in private sector (in relaxation to salary stipulations for Employment Visa) and undertake studies in India.